The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports-the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 61 students enrolled in those two courses. Data concerning the company's cost formulas appear below: Fixed Cost per Cost per Cost per Month Course Student 2,910 Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses $ 310 $1,240 85 $5,000 $2,200 $4,000 44 $ 7 For example, administrative expenses should be $4,000 per month plus $44 per course plus $7 per student. The company's sales should average $870 per student. The company planned to run four courses with a total of 61 students; however, it actually ran four courses with a total of only 57 students. The actual operating results for September appear below: Actual 50,170 10,920 $ 18,760 1,990 $5,000 2,340 $ 4,029 Revenue Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses Required: Prepare a flexible budget performance report that shows both revenue and spending variances and activity variances for September. (indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Gourmand Cooking School Flexible Budget Performance Report For the Month Ended September 30 Flexible Budget Planning Budget Actual Results Courses 57 Students 57 $50,170 Revenue Expenses O None Instructor wages Classroom supplies Utilities Campus rent Insurance Administrative expenses 10,920 18,760 1,990 5,000 2,340 4,029 43,039 7,131 0 None 0 None O None Total expense Net operating income